Search Documents

By T. Prof. Egleston

DURING the last winter we have been actively engaged in the School of Mines in search for boracic acid. This has been owing to the fact that Mr. M. W. Iles, assistant in the qualitative laboratory, has discovered a test for that substance which makes its discovery exceedingly simple instead of being, as previously, very difficult. It consists in powdering the mineral, calcining it, then moistening it with sulphuric acid, and heating on a platinum wire until the sulphuric acid is expelled. It is then moistened with glycerin and made to take fire. If boracic acid is present it infallibly gives a green flame. It is not at all surprising, under such circumstances, the test being so easy, that boracic acid has been found by the students in a great many cases where its presence was not previously suspected, and in some where its detection was previously too difficult to warrant looking for it. We were not prepared, however, for its discovery in Lake Superior iron ores, and were disposed at first to think that a mistake had been made. After, however, it had been frequently reported in these ores it was considered worth while

Jan 1, 1877

By T. Egleston

During the last winter we have been actively engaged in the School of Mines in search for boracic acid. This has been owing to the fact that Mr. M. W. Iles, assistant in the qualitative laboratory, has discovered a test for that substance which makes its discovery exceedingly simple instead of being, as previously, very difficult. It consists in powdering the mineral, calcining it, then moistening it with sulphuric acid, and heating on a platinum wire until the sulphuric acid is expelled. It is then moistened with glycerin and made to take fire. If boracic acid is present it infallibly gives a green flame. It is not at all surprising, under such circumstances, the test being so easy, that boracic acid has been found by the students in a great many cases where its presence was not previously suspected, and in some where its detection was previously too difficult to warrant looking for it. We were not prepared, however, for its discovery in Lake Superior iron ores, and were disposed at first to think that a mistake had been made. After, however, it had been frequently reported in these ores it was considered worth while

By W. Francis

Before attempting to describe the application of recently acquired knowledge to the classification of coal it will be as well to consider the objects at which a scientific classification should aim. Here one can not do better than to follow the example of Clarence Seyler,l by quoting from Huxley's "Classification of Animals:" "By the classification of any series of objects is meant the actual or ideal arrangement together of those which are like and the separation of those which are unlike, the purpose of the arrangement being to facilitate the operation of the mind in clearly conceiving and retaining in the memory the characters of the object in question. Thus there are as many classifications of any series of natural or other bodies as they have properties or relations to one another or to other things. But the statement of the characters of the class ... is something more than an arbitrary definition ... it expresses firstly, a generalization based on and constantly verified by very with experience; and, secondly, a belief arising out of that generalization—in other worda. the definition of the class is a statement of a law of correlation or coexistence . . . from which the most important conclusions are deducible." In that same sense writes John Stuart Mill, in the chapter on classification in his "Logic:" "The ends of scientific classification are best answered when the objects are formed into groups concerning which a greater number of general propositions can be made, and these properties more important, than could be made respectiug any other groups into which the same things could be distributed. The properties, therefore, according to which objects arc classified should, if possible, be those which are causes of many other properties, or, at any rate, which are sure marks of them." Now in the case of coal, the properties which have been used from time to time for classification purposes are the ultimate analysis, volatile matter, caking power, calorific power, burning properties, etc. Seyler has shown that there is a general law of correlation or coexistence between the ultimate composition and the other properties. The ultimate composition, therefore, of the natural series of bodies known as coal is the

Jan 1, 1930

By W. L. Hill, W. H. Armiger, S. D. Gooch

The physical properties, chemical behavior under thermal treatment, and fertilizer value of fluorine-containing pseudowavellite (hydrous calcium aluminum phosphate) that occurs as phosphate clay admixed with quartz sand in an extensive deposit near Bartow, Fla., were determined by experiments in laboratory, pilot-plant, and greenhouse. When the mineral was heated at 500°C, 80 pct of the phosphorus become citrate soluble. The heated product, however, deteriorates markedly under moist conditions such as obtain in the soil. EXTENSIVE beds of a soft aluminiferous phosphate lie in the Bartow-Pembroke region of Florida. Although the extent of the deposit is unknown, it is thought that the equivalent of at least five million tons of material containing 25 pct P,Os exists on one large mine property alone, and soft phosphates similar in nature are known to occur elsewhere in the state. This aluminum phosphate, unlike fluorapatite, is rendered fairly soluble in neutral ammonium citrate solution merely by heating it at a temperature below 600 °C, a property made the basis of a process patent by the junior author.' The possibility of producing an available form of phosphorus from what has hitherto been a worthless natural phosphate prompted the Bureau of Plant Industry, Soils, and Agricultural Engineering to make a brief study of the Pembroke phos- phate during the war years with a view towards determining the optimal temperature for heat treatment and the reactions involved in the process. The results of this study supplemented by data and information furnished by the junior author are presented in this paper. Description of Natural Phosphate: The phosphate with admixed quartz sand and siliceous matter occurs as a low-grade (8 to 9 pct P2O5) clay-like material that can be beneficiated cheaply by making a water separation of the very fine material from the sand, floating off the fine material, settling the suspension to a thick slurry, and finally de-watering the slurry by vacuum filtration followed by drying. The product dried at 100 °C contains about 16 pct water and 25 pct P2O5, about 1/12 of which is citrate soluble. Partial analyses of representative samples of the crude ore and corresponding concentrate are given in table I. The concentrate is light yellow in color and even after being dried at 100°C sticks very noticeably to laboratory grinding and screening equipment. Under the microscope the ground material is predominantly light brown crystalline aggregates with index of refraction near 1.61. The principal phosphate mineral constituent was identified as pseudo-wavellite with admixed phosphosiderite.2 Pseudo-

Jan 1, 1951

By W. L. Hill, W. H. Armiger, S. D. Gooch

The physical properties, chemical behavior under thermal treatment, and fertilizer value of fluorine-containing pseudowavellite (hydrous calcium aluminum phosphate) that occurs as phosphate clay admixed with quartz sand in an extensive deposit near Bartow, Fla., were determined by experiments in laboratory, pilot-plant, and greenhouse. When the mineral was heated at 500°C, 80 pct of the phosphorus become citrate soluble. The heated product, however, deteriorates markedly under moist conditions such as obtain in the soil. EXTENSIVE beds of a soft aluminiferous phosphate lie in the Bartow-Pembroke region of Florida. Although the extent of the deposit is unknown, it is thought that the equivalent of at least five million tons of material containing 25 pct P,Os exists on one large mine property alone, and soft phosphates similar in nature are known to occur elsewhere in the state. This aluminum phosphate, unlike fluorapatite, is rendered fairly soluble in neutral ammonium citrate solution merely by heating it at a temperature below 600 °C, a property made the basis of a process patent by the junior author.' The possibility of producing an available form of phosphorus from what has hitherto been a worthless natural phosphate prompted the Bureau of Plant Industry, Soils, and Agricultural Engineering to make a brief study of the Pembroke phos- phate during the war years with a view towards determining the optimal temperature for heat treatment and the reactions involved in the process. The results of this study supplemented by data and information furnished by the junior author are presented in this paper. Description of Natural Phosphate: The phosphate with admixed quartz sand and siliceous matter occurs as a low-grade (8 to 9 pct P2O5) clay-like material that can be beneficiated cheaply by making a water separation of the very fine material from the sand, floating off the fine material, settling the suspension to a thick slurry, and finally de-watering the slurry by vacuum filtration followed by drying. The product dried at 100 °C contains about 16 pct water and 25 pct P2O5, about 1/12 of which is citrate soluble. Partial analyses of representative samples of the crude ore and corresponding concentrate are given in table I. The concentrate is light yellow in color and even after being dried at 100°C sticks very noticeably to laboratory grinding and screening equipment. Under the microscope the ground material is predominantly light brown crystalline aggregates with index of refraction near 1.61. The principal phosphate mineral constituent was identified as pseudo-wavellite with admixed phosphosiderite.2 Pseudo-

Jan 1, 1951

TO THE BOARD OF DIRECTORS OF THE AMERICAN INSTITUTE OF MINING AND METALLURGICAL ENGINEERS Gentlemen:-To a Board of Directors keeping in as close touch with all of the affairs under their care as do the Directors of the A. I. M. E., through their monthly meetings, a report of the year's progress is almost superfluous. ' To the members who read the monthly reports of the Board Meetings and of the various activities of the Institute as published each month, a yearly report cannot carry much fresh information; yet for both it may be well, as is the custom, to glance over the field of our activities during the past year, and to make an estimate for the year to come. The beginning of 1924 was not propitious for the members of the mining profession, though tonnage production for 1923 had been high and the gross value higher than for several years. The margin of profit had been narrow, prospecting and development were limited, and many of our members were unemployed or were working in other industries. Toward the end of the year, higher metal prices were in sight. Old-time optimism began to grow, and it now brightens the outlook for 1925. An excellent barometer of the prosperity of the industry, and that of the Institute, for they go hand in hand, is the work of our Employment Bureau. During the past few months, the percentage of our members for whom openings have been found has been increasing to a marked extent, and many members who had fallen in arrears are placing themselves in good standing. The number of new members joining has remained about as it was in 1922 and 1923. The Directors have reason to congratulate themselves on the interest maintained during a dull period, for it is not humanly possible to take a keen interest in the technology of an industry when our hands and minds are not actively engaged in it Now, with a much brighter outlook, we can look forward to a year of increasing prosperity for the industry and for the Institute.

Jan 1, 1925

By M. J. Coolbaugh

There is a need for concepts and techniques developed specifically for blasting in areas where the rock is loose or highly fractured. Common practice has been to use techniques developed in hard homogeneous rock and reduce the amount and strength of explosive. However, this rule cannot cope with all of the special characteristics of highly fractured rock and has not adequately taken care of the problems of overbreak, gouging, and wall damage. The main problems encountered when blasting in highly fractured rock are controlling the amount of rock broken, minimizing the damage done to the remaining wall material, and adapting blasting methods to rapidly fluctuating ground conditions. In addition, because it frequently needs timber support right into the blasting area, there is also the problem of how not to shoot out the timber when heavy loading is needed in order to offset a loss of impact caused by deflection of the detonation wave off the numerous rock interfaces, and by the absorption of the wave by resilient clay particles. Another consideration is the fact that less attention needs to be directed toward producing satisfactory fragmentation of the broken rock. Those blasting methods designed for breaking hard rock into manageable segments are, as a rule, not needed in highly fractured rock which will usually break along its own numerous fracture lines.

Jan 8, 1965

Report of the Secretary TO THE BOARD OF DIRECTORS OF THE AMERICAN INSTITUTE OF MINING AND METALLURGICAL ENGINEERS Gentlemen:-To a Board of Directors keeping in as close touch with all of the affairs under their care as do the Board of Directors of the A. I. M. E., through their monthly meetings, a report of the year's progress is almost superfluous. To the members who read the monthly reports of. the Board Meetings and of the various activities of the Institute as published each month, a yearly report cannot carry much fresh information; yet for both it may be well, as is the custom, to glance over the field of our activities during the past year, and to make an estimate for the year to come. The beginning of 1924 was not propitious for the members of the mining profession, though tonnage production for 1923 had been high and the gross value higher than for several years. The margin of profit had been narrow, prospecting and development were limited, and many of our members were unemployed, or were working in other industries. Toward the end of the year, higher metal, prices were in sight. Old-time optimism began to grow, and it now brightens the outlook for 1925. An excellent barometer of the prosperity of the industry, and that of the Institute, for they go hand in hand, is the work of our Employment Bureau. During the past few months, the percentage of our members for whom openings have been found has been increasing to a marked extent, and many members who had fallen in arrears are placing themselves in good standing. The number of new members joining has remained about as it was in 1922 and 1923. The Directors have reason to congratulate themselves on the interest maintained during a dull period, for it is not humanly possible to take a keen interest in the technology of an industry when our hands and minds are not actively engaged in it Now, with a much brighter outlook, we can look forward to a year of increasing prosperity for the industry and for the Institute.

Jan 3, 1925

OFFICIAL INSTITUTE REPORTS FOR THE YEAR 1924 Report of the Secretary TO THE BOARD OF DIRECTORS OF THE AMERICAN INSTITUTE OF MINING AND METALLURGICAL ENGINEERS Gentlemen -To a Board of Directors keeping in as close touch with all of the affairs under their care as do the Directors of the A -I M. E, through their monthly meetings, a report of the year's progress is almost superfluous To the members who read the monthly reports of the Board Meetings and of the various activities of the Institute as published each month, a yearly report cannot carry much fresh infor¬mation, yet for both it may be well, as is the custom, to glance over the field of our activities during the past year, and to make an estimate for the year to come The beginning of 1924 was not propitious for the members of the mining profession, though tonnage, production for 1923 had been high and the gross value higher than for several years The margin of profit had been narrow, prospecting and development were limited, and many of our members were unemployed or were working in other industries Toward the end of the year, higher metal prices were in sight Old-time optimism began to grow, and it now brightens the outlook for 1925 An excellent barometer of the prosperity of the industry, and that of the Institute, for they go hand in hand, is the work of our Employment Bureau During the past few months, the percentage of our members for whom openings have been found has been increasing to a marked extent, and many members who had fallen in arrears are placing themselves in good standing The number of new members joining has remained about as it was in 1922 and 1923 The Directors have reason to congratulate themselves on the interest maintained during a dull period, for it is not humanly possible to take a keen interest in the technology of an industry when our hands and minds are not actively engaged in it Now, with a much brighter outlook, we can look forward to a year of increasing prosperity for the industry and for the Institute

Jan 1, 1923

By Gerard Matthes

Only in recent years has any practical headway been made in the application of aerial photography to geological problems, and up to the present time its principal value to the geologist and mining engineer has been in "areal geology;" i. e., the study of formations as revealed at the surface. The object of this paper is to set forth briefly the principal advantages that may be derived from aerial photographic data in geological work and to serve in a measure as a guide to those who may be contemplating its use. Geophysical prospecting has for object the locating of mineral under the surface. Inasmuch as the geologist's chief complaint in life is a dual one—inability to see under the surface and inability to visualize comprehensively what he does see on top of the ground—geophysical prospecting coupled with aerial photography should do much to lessen his burdens. To what extent aerial photography can be made a useful adjunct to geophysical prospecting remains to be proved, but the inference drawn here is that it holds many alluring possibilities. To avoid disappointments, it should be stated at the outset that to the geologist or mining engineer an aerial photograph or mosaic is only a tool, the efficient use of which he must set out to master. Upon his skill and ingenuity in applying it to particular problems will depend largely the value of the results that he will obtain. Under the most favorable conditions an aerial mosaic, or even a few loose photographs, because of the exceptionally comprehensive oversight which they afford of field data, such as dips and strike observations at isolated outcrops, local indications of faulting, mineral and fossil finds, greatly facilitate study and correlation, save much tedious foot work, and may repay their cost many times. Even so, types of country may be found where the most skillful use of the best of pictures will produce results so meager as to render the cost of aerial photography entirely unwarranted. Between these two extremes will be found endless variations and possibilities. Hence no set rules can be promulgated. The safest procedure is to treat each case as a separate problem and to carefully weigh the relative advantages and shortcomings of aerial photography before embarking on its use.

Jan 1, 1928

By R. D. Carter

Methods are presented for calculating the performance of multiwell gas reservoirs. These methods account for two-dimensional, unsteady-state flow of a non-ideal gas through a heterogeneous formation. The performance can be obtained for gas reservoirs with known physical properties and configuration subjected to specified development and production schedules. These methods may prove helpful in optimizing the exploitation of gas reservoirs. The numerical solrrtion procedures given for this non-linear problem are extensions of known techniques for the linear diffusion equation. Two of these procedures are based on a new difference equation given by Saul'ev. Limitations and advantages of these procedures are discussed. An example solution is presented and is used to compare the calculation methods. INTRODUCTION Li planning the operation of a multiwell gas reservoir, it is desirable to predict its performance for each alternate development and producing schedule under consideration. This paper presents three numerical procedures that can be used to calculate such gas reservoir performance using a digital computer. These methods account for two-dimensional transient flow of a non-ideal gas within the reservoir. Extension of these methods to three-dimensional flow is possible. The paper is divided into three parts. The first describes the problem for which a solution is wanted and three numerical procedures that can be used to obtain solutions. The second discusses the information necessary to set up a problem. This part will be of greatest interest to the field engineer. The third gives data and results for an example problem. PROBLEM AND SOLUTION METHODS In the following development, a gas reservoir is regarded as a sealed, porous, permeable, heterogeneous body in which a single, non-ideal gas phase is flowing. Flow is permitted in the x- and y-horizontal directions, but is considered to be negligible in the vertical or z-direction. The reservoir can be tapped by one or more wells. Methods to be described provide a basis for calculating the complete performance of the reservoir, including rates and cumulative production from the wells, and pressure distribution and decline in the reservoir. If the isothermal flow of a non-ideal gas obeying Darcy's Law occurs in two dimensions in a region R, the governing equation in this region is:

Jan 1, 1967

By R. F. Hinds

A pressurizing system was designed and built to apply a radial pressure of 5.000 psi to rock samples. Samples of the Bradford, Weir and Kirkwood sandstones were subjected to radial pressures parallel and perpendicular to the bedding in the system and the changes in conductivity, porosity and permeability were deter-mined. Asymptotic decreases in conductivity, porosity and Klinkenberg permeability were observed over the 0- to 3,500-psi range. From these data, the increase of formation factor over the same range was calculated. The cementation exponent expressed in the Archie equation was found to increase with pressu,re. The rate of change varied from formation to formation. Only small differences were observed for samples taken parallel to the bedding as comnared to those taken perpendicular to it except for the Bradford sand. Above 3,500 psi the data are not good enough to tell if the properties continue to fall-off asymptotically or in a different manner. A possible explanation for the probable litnit of the asymptotic rate around 3,500 to 4,500 psi is that this represents the maximum pressure which the formations have unrdergone during their geological life as a result of burial. INTRODUCTION For many years measurements have been made in the laboratory of the properties of oil-bearing sandstones with little consideration being given to whether these properties had been changed when the samples were moved from their original position in the ground to the laboratory. Relatively little has been reported in the literature on the effect of pressure on the properties of sandstones. The changes in permeability for eight typical consolidated oil-bearing sandstone samples with overburden pressure (0- to 15,000-psi range) was presented by Fatt and Davis' in graphical form. In 1953 Fatt' also reported the relationship between porosity and overburden pressure for four typical consolidated oil-bearing sandstone samples (0- to 5,000-psi range). Fatt later described the changes of formation factor and porosity of 20 typical oil-bearing sandstone samples with overburden pressure changes (0- to 5,000-psi range) giving the values of the coefficients and exponents in the Archie' equation, and the more general Winsauer equation', where C, k and m are empirical constants, F is the formation factor, and + is the porosity. During the experiments of this investigation the core was contained in a neoprene rubber sleeve as shown in Fig. 1. It was held between two steel end members which were mounted in a steel cylinder. The unassembled pressure cylinder with its component parts is shown in Fig. 2. The core was insulated from the two steel end members by a Teflon sleeve with a small hole in the

(Under this heading will be published notes sent to the Secretary of the Institute by members or other persons introduced by members.) Experienced mining. engineer, Columbia School of Mines graduate, practical experience in drifting, shaft sinking and development work, also in mining, operating and equipping iron, copper, and zinc properties. Married, age 32, available at once. Open for position as superintendent or assistant. No. 462. Member, age 33, married, desires position as mining engineer or engineering executive.- Twelve years experience as mining engineer, geologist, and chief engineer of iron and copper properties. Experience in United States, Mexico and South America. Fluent Spanish. Technical graduate. Minimum salary $3000. No. 466. Member, technical, general superintendent and mill superintendent: Well experienced in latest methods of ore reduction, especially on copper and complex ores. Draft exempt. Not less than $250 per month considered. No. 469. Consulting mining geologist, member of Geological Society of America and A. I. M. E., Professor of Geology and Mineralogy, Lawrence College, desires temporary position during summer in mine surveying, mining methods, expert mine valuation or any exploration work or mine development. Applicant has had nearly three years' experience in gold mining in Mexico and many years professional mine examination work in all regions of Western U. S. Terms reasonable. No. 470. Member, mining engineer, age 46, desires engagement as manager of mining properties, coal or metal mines. Education and 25 years experience in all branches of mining. Have been successful with labor in the management of large properties. No. 471.

Jan 8, 1918

By Arthur Taggart

A GENERAL awakening of interest among mill men concerning the mechanical efficiencies of their crushing machines is evident from a perusal of the recent files of mining publications. Considering the large part of the power bill which must be debited to the crushing department, such. interest is natural. When, however, the articles on the subject are read, the only statement upon which the writers agree is that fine grinding consumes a large amount of power, and that the machine which, from a concentration standpoint, offends as a slime producer is, for that reason, a serious offender in wasting power. When the mill man attempts to find a method for measuring the power wasted, or to compare the efficiency of one machine with that of another for the same work, he is confronted with a choice of methods which lead to conflicting results. There are two reasons why the work of crushing is not more generally understood. In the first place, experimental data are difficult to obtain; and in the second place, before these data can be put in general form certain assumptions must be made. A difference in these assumptions by different investigators has led to conflicting conclusions. This conflict has resulted in the proposal of two laws. The first of these is the so-called Rittinger's law, which is variously stated as follows: . "The work of crushing is proportional to the reduction in diameter."-R. H. Richards: Ore Dressing, p. 304 (1903). "The Work required to crush rock is very nearly proportional to the reciprocals of .the diameters crushed to."-A. Del Mar: Engineering and Mining Journal, vol. xciv, No. 24, p. 1129 (Dec. 14, 1912). "The Work done in crushing is proportional to the surface exposed by the operation, or better expressed for this purpose, the Work done on a given mass of rock is proportional to the reciprocal of the diameter of the final product, assuming that all the mass has been reduced to one exact size, which is only theoretically possible."- A. 0. Gates: Engineering and Mining Journal, vol. xcv, No. 21, p. 1039 (May 24, 1913).

Jan 1, 1914

By Irwin Roman

The literature of geophysics as applied to the discovery of mineral deposits has been very extensive during the past few years,' but there seem to be few references to the use of the method of least squares for obtaining better interpretations of the observed data.2 There seems to be a general reluctance among geologists and engineers to acquire the technique of least squares, in spite of the fact that a thorough knowledge of the theory is not necessary for the use of the method.

Jan 1, 1932

By Irwin Roman

THE literature of geophysics as applied to the discovery of mineral deposits has been very extensive during the past few years,1 but there seem to be few references to the use of the method of least squares for obtaining better interpretations of the observed data .2 There seems to be a general reluctance among geologists and engineers to acquire the technique of least squares, in spite of the fact that a thorough knowledge of the theory is not necessary for the use of the method.

Jan 1, 1932

By Albert Sauveur

(Winces-Barre Meeting, June, 1911.) THE instrument about to be described meets so perfectly the special needs of the metal microscopist that there seems to be little doubt but its merits must be readily appreciated by those who have had any experience in the microscopical examination of metals. The Microscope-Stand.-The microscope-stand proper, Fig. 1, consists of a microscope-tube, provided with both coarse and fine adjustments of the best construction, and with a draw-tube, rigidly mounted on a bar supported at both ends on substantial and firm cast-iron legs. The height between the table and the under side of the supporting bar is 5 in. and the distance between the supporting legs 12 inches. This arrangement' affords free space below the objective for the examination of large specimens of metals, such as full rail-sections, without detracting in the least from the value of the instrument when applied to the examination of the usual small specimen, as explained later. Many metal microscopists frequently have to examine bulky specimens, and this is altogether impossible with the ordinary microscopes as well as with the special metallurgical microscopes which have been designed and described from time to time. Recourse must be had to all sorts of makeshifts for the proper support of large specimens, or, more often, the microscopist gives up the attempt altogether, or else resigns himself to the cutting of the bulky samples into small pieces to -be laboriously polished and separately examined. It is believed that an instrument permitting the examination of large as well as of small specimens with equal ease and accu-

Dec 1, 1911

By Dr. O’Neil Thomas J., Donald W. Gentry

"We can easily represent things as we wish them to be..” -Aesop INTRODUCTION The first eight chapters of this book have primarily addressed the concepts and fundamentals associated with project valuation, particularly as they apply to mining-related projects. Specific emphasis was placed on the engineering and economic parameters and estimates necessary for quantifying line items in pro forma income statements and the subsequent calculation of net annual cash flows. Given these estimates of relative benefits, costs, and annual cash flows for a project, it then becomes necessary to convert these estimates into measures of relative desirability or attractiveness. The criteria and techniques typically utilized to determine project acceptability or desirability are, then, the topics of discussion in this chapter. Before proceeding it may be advantageous to put the problem of project evaluation into proper perspective by reiterating some of the fundamental concepts developed in Chapter 1. The basic premise set forth in this book is that the objective of the firm should be to maximize its value to its owners (stockholders' wealth). This value or wealth is represented by the market price of the firm's common stock; consequently, the primary objective of the firm can be restated as one of maximizing the value (price) of the firm's common stock in the marketplace over the long term. This price, in effect, is an indicator or index of the market's perception of the company's progress and a reflection of the investment, financing, and dividend decisions made by corporate management. These three major decisions are inter- related and jointly impact the market price of the firm's stock. Therefore, if the objective of maximizing the value of the firm to its stockholders is to be achieved, an optimal combination of the three decisions will be necessary. It is important to emphasize that maximizing stockholder wealth is not the same as profit maximization or even the maximization of earnings per share. Corporate managers making decisions based on the objectives of maximizing profits and/or earnings per share must recognize that these objectives do not consider: (I) the timing or duration of expected returns, (2) the business and financial risks of the promised earnings, or (3) the dividend policy of the firm. Obviously all of these factors are of concern to the company's stockholders and will have an effect on the market value or price of the firm's common stock. Maximizing market price per share, or wealth maximization, is therefore the appropriate corporate objective and

Jan 1, 1984

Soil Testing for Engineers. By T. W. Lambe. Published by John Wiley & Sons. 165 P. $5.00.-Filling a need for a text for the teaching of soil testing in the laboratory, this book is also of value as a reference for practicing engineers and for personnel in soil laboratories. Following an introductory chapter on general laboratory procedures are chapters devoted to the individual laboratory soil tests which are commonly employed. Apparatus, supplies, recommended procedures, discussion of procedure, calculations results, and numerical examples are provided for each test. Brief derivations of formulas and explanations and discussions of calibration procedures and special techniques are given in the appendix. Mesabi Pioneer. Copyrighted 1951 by the Minnesota Historical Society.- Publication of this book has been made possible by a generous gift to Society from the E. J. Longyear Co. of Minneapolis. This book covers the evolution of the Mesabi Range from a wilderness into the nation's greatest iron producing area. In this book is found the first hand experiences of Edmund J. Longyear who saw the development of the range from its beginnings, and who himself took a notable part in it. In 1890 Edmund J. Longyear sank the first diamond drill hole on the Mesabi. During the next two decades he sank pits and holes- 7133 of them-throughout the length and breadth of the Mesabi Range, exploring for iron ore. He saw roads and railroads built. He watched the range communities--Hibbing, Chisholm, Biwabik, Mountain Iron and the others change from exploration camps to

Jan 11, 1951

By A. C. Rand

The invention to be described in this paper is the work of Frederic A. Halsey, Engineer for the Rand Drill Company, of New York, and its use mill abridge the notable wastefulness of power of the striking rock-drill, and, at the same time, increase its capacity for work. That the older type of rock-drill is wasteful in power, is generally admitted; the cause being the use of steam* without expansion, arid the "cushion" of the blow, by the incoming steam upon the lower † end of the piston before the cutting tool strikes the rock.

Jan 1, 1885